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Forex Today: Markets stabilize ahead of US data, BoC rate decision
Here is what you need to know on Wednesday, June 4:
EUR/USD consolidates below 1.1400 as good US data supports the Dollar
EUR/USD is moving lower for the second consecutive day on Wednesday, trading around 1.1380 at the time of writing.
WTI eases amid a stronger USD, but remains close to $63.00
Oil has been trimming some gains over the last sessions, weighed by a stronger US Dollar, but it remains close to the six-week highs above $63.00 reached on Tuesday.
EUR/JPY gains traction above 163.50 amid risk-on sentiment
The EUR/JPY cross gains ground to near 163.80 during the early European session on Wednesday. The Japanese Yen (JPY) weakens against the Euro (EUR) due to the cautious remarks from the Bank of Japan (BoJ) Governor Kazuo Ueda and the improved risk sentiment.
US President Trump: Very tough, extremely hard to make a deal with China's Xi
In his latest post on Truth Social, US President Donald Trump said that "I like President Xi of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!"
USD/CHF holds ground near 0.8250 ahead of Trump tariffs implementation
USD/CHF remains stronger for the second successive session, trading around 0.8240 during the Asian hours on Wednesday. The US Dollar continues to gain ground against its peers, potentially due to a technical correction.
Crude oil price today: WTI price bearish at European opening
West Texas Intermediate (WTI) Oil price falls on Wednesday, early in the European session. WTI trades at $62.59 per barrel, down from Tuesday's close at $62.84.Brent Oil Exchange Rate (Brent crude) is also shedding ground, trading at $65.20 after its previous daily close at $65.43.
US and Canada trade deal could happen before G7 Summit next week
Citing new US Ambassador to Canada Pete Hoekstra, The Toronto Sun reported that a trade deal between the US and Canada could strike any time next week.
AUD/JPY Price Forecast: Bearish bias remains unchanged near 93.00
The AUD/JPY cross trades in positive territory near 93.10 during the early European session on Wednesday. The Australian Dollar (AUD) remains weak against the Japanese Yen (JPY) after Australia's first quarter (Q1) economic growth missed estimates.
USD/CAD hangs near YTD low; flat lines above 1.3700 ahead of BoC, US macro data
The USD/CAD pair extends its sideways consolidative price move through the Asian session on Wednesday and remains close to its lowest level since October 2024 touched earlier this week.
GBP/USD remains above 1.3500 as US Dollar comes under pressure from "Sell America" trend
GBP/USD edges higher after registering losses in the previous session, trading around 1.3520 during the Asian hours on Wednesday. The pair may appreciate as the US Dollar (USD) attracts sellers under the "Sell America" trend amid rising tariff uncertainty, which could hurt growth in the US economy.
India Gold price today: Gold rises, according to FXStreet data
Gold prices rose in India on Wednesday, according to data compiled by FXStreet.
Silver Price Forecast: XAG/USD bulls have the upper hand near mid-$34.00s, just below YTD top
Silver (XAG/USD) struggles to capitalize on the overnight bounce from sub-$34.00 levels and oscillates in a narrow trading band during the Asian session on Wednesday.
FX option expiries for Jun 4 NY cut
FX option expiries for Jun 4 NY cut at 10:00 Eastern Time vi a DTCC can be found below.
Gold price trades with positive bias above $3,350, remains close to multi-week top
Gold price (XAU/USD) attracts some dip-buyers during the Asian session on Wednesday and reverses a part of the previous day's retracement slide from a nearly four-week top.
EUR/USD hovers below 1.1400 as Eurozone inflation falls below ECB's 2% target
EUR/USD moves little after registering losses in the previous session, trading around 1.1380 during the Asian hours on Wednesday. The pair may appreciate as the US Dollar (USD) struggles due to traders' caution amid rising tariff uncertainty and its potential to hurt growth in the US economy.
USD/INR softens ahead of Indian/US PMI releases
The Indian Rupee (INR) gains ground on Wednesday. The weaker US Dollar (USD) after the downbeat economic data supports the local currency.
US Dollar Index Price Forecast: Treads water above 99.00 near nine-day EMA barrier
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is edging lower after registering over 0.5% gains in the previous session and trading around 99.20 during the Asian hours on Wednesday.
Japanese Yen stalls Tuesday's retracement slide from one-week high against USD
The Japanese Yen (JPY) attracts some intraday buyers following an Asian session downtick against its American counterpart and for now, seems to have stalled its pullback from a one-week high touched the previous day.
Canadian PM Office: Additional US tariffs on steel, aluminium are 'unlawful, unjustified'
A statement from the Canadian Prime Minister's Office was released late Tuesday, stating that "additional US tariffs on Canadian steel and aluminium are 'unlawful and unjustified'."
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